CBN revokes licenses of 46 microfinance banks

Abuja, July 1, 2026 – The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks.

The apex bank announced the development on Wednesday.

It said the exercise was carried out in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

CBN said the licences of these banks were revoked due to their insufficient assets to meet their liabilities, closed operations without regulatory approval, or became inactive and ceased financial intermediation.

The revocations were also due to the banks’ failure to commence operations within 12 months of obtaining their licences and failure to maintain the minimum capital funds unimpaired by losses.

The apex bank said the revocations were also due to the banks’ failure to commence operations within 12 months of obtaining their licences and failure to maintain the minimum capital funds unimpaired by losses.

The list of affected microfinance banks